The European Commission is launching a consultation
on the improvement of supervision for the financial services sector. Following
the report of the high-level group on financial supervision in the EU chaired by
Jacques de Larosière, published on 25 February 2009, the Commission intends
to come forward by the end of May 2009 with a Communication setting out its
proposals on the future of the EU supervisory architecture followed by specific
legislative measures in autumn 2009 . Before doing so, it wishes to take into
account the views of all interested parties.

In its Communication of 4 March 2009 to the Spring European Council, "Driving
European Recovery", the Commission endorses – and asks EU leaders to
endorse – the key principles set out by the de Larosière Group. The
Commission calls for a supervisory system combining stronger oversight at EU
level with maintaining a key role for national supervisors. It backs the Group's
proposal to set up an early warning body under ECB auspices to identify and
tackle systemic risks. In May, the Commission will put forward to the June
European Council a detailed plan for revising the European supervisory
architecture based on the de Larosière report. It intends to bring forward
legislative proposals on the new supervisory framework in the autumn.

Before making its proposals, the Commission invites any interested parties to
submit their comments on the proposals on financial supervision made in the de
Larosière report and in the Commission Communication of 4 March 2009. All
contributions should be sent, by post, fax or e-mail, to: